...Fitch Ratings has affirmed Imperial Brands PLC's Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at `BBB' and its Short-Term IDR at `F3'. The affirmation reflects Imperial's continued ability to generate strong free cash flow (FCF) and Fitch's confidence that the company should remain on track with its deleveraging, albeit at a slower pace compared to our previous expectations, with funds from operations (FFO) adjusted net leverage trending to 3.5x by end-September 2020 (FYE20). Any material deviation from this trend could prompt a negative rating action. Overall, Imperial's business profile remains aligned with the assigned ratings. In its core markets of Western Europe and the United States, Imperial operates in an industry that has been suffering from continued volume declines, weaker pricing power, changing consumer preferences and competitors' product innovation. To combat these trends, Imperial is stepping up its presence in next-generation products. It has also...
